REAL ESTATE, IT'S WHAT'S HAPPENING...
Renovation. When you hear this word do you run to the project or run the other way? As defined by Miriam Webster, to renovate is to “restore to a former, better state, to make changes and repairs so that it is back in good condition”. Our latest project at The Real Property Connection involves renovating a home in need of some upgrades, a little TLC and a lot of elbow grease. If updating or renovating your current home or investment property is something you have considered but weren’t sure if it was the job for you, follow our project as we detail the steps involved.
Lesson #1: Find A Good Investment
Finding the right property is the key to a successful renovation or house flip. Know your market and what houses are selling for in the prospective neighborhood. You may need the assistance of a Real Estate Agent to help find current home values. There are free website tools you can use, but they aren’t always as accurate and up to date as the information available to a licensed agent.
Always consider properties that most buyers overlook due to unkempt lawns, junk in the back yard or untidy tenants. These houses are easier to negotiate lower prices for and that leaves more profit for you after the renovation.
Make sure an inspector has a good look at the structure of the home during your due diligence period. One key to a successful flip is to avoid unexpected and costly surprises such as leaky plumbing, outdated electrical wiring or basement leaks.
Below are a few "before" pictures of our current project. The house needs a lot of clean up, but otherwise has a good structure. Look for the next upcoming lesson, everyone's favorite, The Demo!
April Holtzclaw is a Real Estate Agent and 30 year resident of Metro Atlanta. When not working, she enjoys camping, traveling with her family and mountain biking with her husband on the trails in the Atlanta area. Her favorite way to finish the day is with an “al fresco” dinner at one of the many great restaurants in town.